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Cryptocurrency News Articles
FTX Unstakes $23 Million in SOL: Could a Major Sale Be Coming Soon?
Oct 14, 2024 at 04:00 am
A wallet linked to FTX and its affiliate Alameda Research unstaked 177,693 Solana tokens, valued at approximately $23.75 million, from the Solana Proof-of-Stake (PoS) network.
Bankrupt crypto exchange FTX recently made headlines by moving $23 million worth of Solana (SOL) following a recent token unlock, sparking concerns among investors about its potential impact on the Solana market.
With SOL’s value and stability at stake, many SOL holders are seeking to protect their investments by exploring new tokens in the market. Continue reading to learn about a promising token that has caught the attention of Solana investors.
FTX Unstakes $23 Million in SOL: Is a Major Sale Coming?
A wallet linked to FTX and its affiliate Alameda Research unstaked 177,693 Solana tokens, valued at approximately $23.75 million, from the Solana Proof-of-Stake (PoS) network on September 23, 2024.
Data on Solscan reveals that the wallet, known as H4y and gFZ, belongs to FTX. Typically, tokens are moved to exchanges for sale after being unstaked. However, FTX has yet to transfer its unstaked Solana holdings.
This recent transaction has fueled speculation that FTX may be preparing to sell off additional Solana tokens, echoing its previous actions. Earlier this year, FTX sold portions of its Solana assets to institutional investors, including Galaxy Trading and Pantera Capital.
Similarly, in November and December 2023, significant amounts of SOL were unstaked and transferred to Coinbase, sparking rumors of FTX’s involvement in these transactions.
What's striking about this latest transaction is that the 177,693 SOL represents only a small fraction of the wallet's total holdings. According to Solscan, the FTX-associated wallet still holds 7.1 million SOL, which, at current prices, is valued at approximately $953 million.
This large reserve could significantly impact SOL's price if it were to be unstaked and sold. Adding to the intrigue, the timing of this unstaking aligns with an upcoming hearing for former Alameda CEO Caroline Ellison on September 24, 2024.
Reports suggest that Ellison's cooperation with legal proceedings might lead to a reduced sentence, with her attorneys arguing that she poses no threat to public safety and has demonstrated genuine remorse and willingness to accept responsibility.
This unfolding situation has fueled speculation about FTX's potential plans for its Solana holdings and the impact on SOL's market value. If FTX decides to transfer more unstaked SOL to exchanges, it could create considerable selling pressure, potentially driving down prices.
Solana Investors Turn to FXGuys for Hedging, Eyeing 10,000% Growth Potential
FXGuys is the first decentralized forex trading platform developed for users to earn through profit sharing. The platform provides up to $200,000 in trading capital, giving traders an 80% share of the profits, while FXGuys takes 20%.
As traders continue to grow their accounts and consistently generate profits, they can unlock an even larger portion of the earnings. The excitement around FXGuys is largely fueled by its native token, $FXG. This token's value is influenced by market dynamics such as supply and demand.
One of FXGuys' unique features is its Trade2Earn model, which allows traders to earn $FXG tokens with every trade, regardless of whether it's profitable. Accumulated tokens in your dashboard wallet can be redeemed for trading perks, such as lower profit targets, higher drawdown limits, and other tools designed to enhance your trading performance.
As more traders join FXGuys and want these perks, the value of $FXG could increase further. With its growing ecosystem, $FXG has a lot of growth potential in the digital trading world.
The official Stage 1 of its public presale is set to begin in ten days, with prices rising through subsequent stages: $0.03 in Stage 1, $0.04 in Stage 2, $0.05 in Stage 3, $0.06 in Stage 4, $0.07 in Stage 5, and $0.08 in Stage 6, reaching $0.10 at launch.
Crypto Goldmine: $FXG Presale Could Yield up to 10,000% Returns!
With Solana potentially heading toward a downtrend, investors are increasingly optimistic about $FXG's growth potential. Experts forecast that $FXG could experience a surge of up to 10,000% when it becomes available on major centralized and decentralized exchanges. Is there a better opportunity elsewhere? Absolutely not!
To find out more about FXGuys follow the links below:
Website | Whitepaper | Socials | Audit
Exclusive FXGuys Promo Code:
USE PROP10 FOR 10% BONUS
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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